Roglstorgd Charlty numb•r 266164
THE UNDERWOODTRUST
Financial Statements
for tho Year Ended
5 April 2026

THE UNDERWOOD TRUST
Cont•nts
Page8
TfUSt8es' Annual Report
Auditorf5 Report
10-13
Statement of Financi8lA¢tNities
14-15
Balance Sheet
16
Statement of Cash Flows
17
Notes to the Financiol Ststements
18-25

THE UNDERWOOD TRUSr
TfUSI8è8' Annual Report
The trustees have pleasure in presentingtheirreporttogetherwiththefinancialstgt8mentsforiheyeor
ended 5 April 2026.
Objectlvès find Actlviti88forth• Publlc Benofft
Th& &ims of the Trust are to fund a wide range of activities that will positively imp8ct indNiduats and
the environment. We award a number of grants each year to organisations that both share these
aspiration8 and have the abiltyto deliveron iheir progrgmmes.
For disclosure purposes grants are c8tegorised under the fouowlng headSngs.
Medicine and Health
Education and The Arts
Socialwelfore
The Environment8nd Imldlrfe
The tnJste8s confirm that they have referred to the Ch8rfty Commlsslon's guidance on public b9nofit
en reviewing the Trust's aims and objectivos. in planning future activities, and setting grani making
poiiGy.
Most of the grants are made to registered chariti8s and $0 the trustee8 are confldont they will furthgr
charitable purposa to the public benefit. On the few occ88ions where grants arg m8de io non-
le￿stered charitable organisations the trusteos consider carefully how the funds WIU be used and
rnake those grants with oonditions to ensurg thgy are $pent appropiiatgly.
The trustees $8ek feedback on the actu81 use ot tho grants given on how Ihe grant was spent and
achievements made. This approach is consid8r8d SLrtficient foi moniioring the quality of the gronts
mode. In any grant making there is 8lw8ys a nec8888ry degree of trust Ihat the application is honest
ond that thè reciplent will use the funds wisely. A personal knowl8dge of the recipient of the larger
grani$ is therefore a key part of the Trust's appro8ch to grant making.
The twstees h8ve decided to gfve annu81 support to 8 number of charities and proactively $88k out
certain projects. This restricts th8 funds ovailabie for gen8ral applic8tions end as such the Trust 1$
closed to unsolicited applications.
Grant Maklng Pollcy And the Appllcallon Process
The Trust is granted wid8 powers to distrlbute fund8 for chBritsble purpo888 bythe trust dèed. hawng
r8gard to any directions orwishes expressed bythe founders in their lifetimes. The trustees have the
powerto make grants from the expendable endowment.
The application pro¢g89 is designed to be a8 easy as possible whi18t still drawing out the key
information n¥gded for a decision. including ensunng there is 8 clear public benefit. The Trust has a
website cont8ining general infomation about the Trust, together with details of our grant èligibility
guidelines an(J an 8ppIicBtion form. All applicants must complete this form in order for their request
to be further considered.
Th8web8lte address is.. WSY¢Ltt￿rUs¢

THE UNDERWOOD TRusr
Tru8tts8$' ATrnu&l Report (continuedj
All applicotions are reviewed bythe trust manager on the basis ol the polScy set bylhe trust8e$. Final
P8yment decisions are t8ken bythe trustees.
The Trust will generally notfund:
IndividuÈL8 diréctly
PolitlC813ctivr¢i88
Commgrcialventurès or public8tlons
The purchase of vehicles including minibuses
Oversggs tr8vel, holidays, and expeditions
A¢hièv6m•nts and Portormonce
Grant Expendituro
Gr8nl expenditure duringtheyearwas £920,000 and comprised a totalof 26grants ordonatSons made
to 24 bèneficiarle8. A list by recipieni of the gront expenditure in the year is given in note 3. Th18
compares with 27 grants or donations to 25 beneficiories totBlling £747.500 made during the year
ended 5 April 2025.
The following Summary give8 8 fl8vour of the types of projects funded in theyeor.
M•dlcln• and H•alth
During the year a further £150,000 was aw8rded to Bristol Speech and Language Therapy Research
Unit IBSLTRUI as port of thg ggreed 'legaey project, to reinforce 8SLTRU 88 8 leading spe￿h and
language iherapy r888arch unit both in the UK and internation911y.
K8y achigvoment$ duringthe year ineluded:
The Cleft Collective continuad to expand, with steaty recruitment acr089 artive sltes and
incrgasing intginational interest in the d8taset. Geneiics data from the stuty h88 now been
uploaded to the GWAS Catalogue and is being shared with researchers io support future
Intem8tlon81 re888rch projects.
The Cleft Collect￿8 continued to support important genetic research into cleftlip and pai81e.
with findings helping to identity new gene$ associatad with c18fting and iMpro￿n8
understanding of the genetlc factors Involved.
The $peeiali8t speech cllnic at Cardiff MetropoLitan Unwersity continu8d to grow during th8
yeor, with referrals increasingfrom 10 childrento 34children. The clinic supports children with
Persistent and complex speech disorders and usas spocialist technlques, including
ultrasound technology, to develop new 8ppro8ches to treatment. The clinlc receNed p081tive
teedbackfrom both famikne8 and clinician8.
The BSLTRU t98m coniinued to support the devgiopmgnt of future speech and language
ther8py researchers. During the year, sp8ech and Language therapists supported by Ihe
unit secured nationallyfunded research fellowships and joined the BSLTRU iesearch team.

THE UNDERWOOD TRUST
Tru¥tee$' Annual Report {continuedJ
The MISLToe Phase 2 research programrne. which aims to improve understanding of effgctive
speech 8nd 18nguagetherapyintgNention8 forchildron with speech sound disordeis, secured
further funding in both England and W8les. The methodology 18 8Lso gaining int8rnational
recognltion, with collgboration and impiemgntation 8Ctivity expanding aeross Europe and
internation8Uy.
Members of the BSLTRU team continued to present Ènd share their work nationally and
internetionBlly tt)iough Invlted talks, workshop8 and conf8rence presentations, further
strengthening the unit's reputation as a leading cenire for speech and language therapy
research.
During the year grants totglling £45.000 were awarded to STAMMA. 8 chBrity whose mlssion 1$ to
empower people who 8tammer. challenge discriminatlon and promote greater understanding and
inclusion.
The first grant of £20,000 represented the final yoar of support for the Outreach and Training
Progr8mme, which dèlivers training to employers across a r8nge of sectors through written guid8nce.
trainingvldeos, iailored workshops 8nd industry conferencas.
A furrher grant of £25,000 was awariled towards the charitys core operatin8 Costs. 8UPPQrting the
tontlnued delNeryot its wider Gharitable activitl8s and serwces.
Fourfurther grants, tot8lling £100.Tr)O. were awarded to charities whère the Tnjst has provided long-
term Support. continuing the trust8es' commttrnent to organisations working In the 8reas of
8ducation. communication support and the 8rts.
Educadon and the Arts
During the year a new granl of £40,000 wa$ awarded io The Access Proje¢t, 8 ch8rity which support8
students from under-resourced backgrounds to access top universitie8 and improve Social mobility
through mentorlng. tuition 8nd university acc888 progr8mrnos.
The funding will support approximately 30 8tudent$ 8t OTml8ton Forge Acod8my through mentoring,
workshops and wider university r8adines$ support designed to reducè barrfers to higher educatlon.
The trustees were encouraged by ihe charity's evidence of Impact and measurable outcomes.
Ind8pendentlyverified UCAS data indicated that students supported tyThe Access Projectwere over
50% more likoly to attend top univèrsities than demogr8phically and academically similar students.
During 2023124 thg charity supported more than 2,(￿1 Students n8tionally and de￿Vered over 34.000
hours of tuition through its mentoring énd tutorin8 programmes. The trustees also noted the ¢hBriVs
focus on supportingyoung people from disathantsged backgrounds. with 92% of students supported
corning from argas of high depriv8tion.
Five furth8r grants, totalting £110,000, were awarded lo charities where the Trust h•s provlded long-
term support. Gontinuing the trustees, commitment io organisgtions delrv8ring educational
opportunity and acce88 to the art8.

THE UNDERWOOD TRUST
TTusloos' Annual R•port (Gontinuedj
So¢lalW¢itore
TheTrust continued its long-standing8UPI)ortfoiYouth ActionWiltShire￿th 8furthergr8ntol £25.1)
towards its Wiltshireyoungcarers Service. supportingvulnerabieyoungcarers andyoungadultcarers
8cro88 Wiltshire.
The Sgmce supports children and young people who provide car8 for family members affecied by
illness, disability. ment81 heBlth conditions or addiction. During tho year the charity supported more
than 1,600 registered young corers and young adult carers through on8-t¢Fon8 8UPPOrt. mentoring.
counselling. respite activiti89 and welLb8ing programmes designed to reduce i8olatlon, improve
resilience and support mentgl health and educational outcomes. ¢￿er 450 young ¢ar9rs attended
re8Plte and group gctivities duringthe reporting period.
A further 8ront of £25,000 was awarded to NSPCC, continulng the Trust's long-standing support for
the charity's WO1* protectingchildrgn and young people across the UK.
The fun(Fing supponed the NSPCC'8 Chiidline semce end its work to help keep chiLdr8n safe onLlne,
including supportfor young people experiencingonline harm, abusa and exploitation. During 2024125
the charity's "Report Remove" service received over 1,2￿ reports from young people and helped
remove more than 1.600 harmful Images. videos and URLS from the internet. The trustees were
particuLarty encouraged by the Charitys work amplitying the voices 8nd experiences ot children and
young peopl8to help improvè onlinè safety and (Jigital 88tegu8rding 811PPOrt.
The Trust aL80 8W8rded a further grani of £25.000 to Hortcliffe City Farm in support of tts work a$ 8
ommunity hub serving disadvantaged communities in South Brlstol.
Thè farm deLiver8 wellbeing and volunteering progrgmmes. outdoor leaming. schoolvisits. gardening
projects 8nd community events designed to improve social inclusion. mentsl wellbeing and
ommunity engagement. During the year the laim hosted more than 1.500 attendees 8cros8 it8
Harvest FestNal and Spring Fayre events and continued to expand partn8rships with Ioc81
organisations. schools 8nd supportgioups.
Sevenfurthergrants. totalling £150.000. were awarded to chgrit188 ￿er@th@TrUSt has providod long-
ieim support. continuing the tru$tee¥' commitment to org8nisations delivering sustoined Social
welfare and community benefit iniliats've$.
Tha Envlronment and Wildlilè
A commitment of 21.000.000 ovgrfw8yoar¥ w8$ communicated to Green￿ace EnviionmentslTru$t
during the year endod 5 Aprll 2026, wlth funding commencing in Jonuary 2026. An initial payment of
£200.￿0 wos made duringthe year.
The lundingwiLi support Greenpeace'8"30x30: From Promise to Protection- campaign, whl¢h aims to
help secure protection for 30% of the world's oceAns by 2030 through a global netwo￿ of 0¢gan
sanctuaries. Tha progr8mme focu888 on protecting vulnerable marine ecosystems. supporting
intemational ocean conservation agreements 8nd camp8igning against dgstruclive indu8tri81
activitie8 including deep sea mining ond unsustainable industrialtishing.
Thetrusteeswere encouraged bythe charity's iniernation81 leadership in ocean protection campaigns
and its role in supporting the Global Ocean Tre8ty, 8s well as its work promoting long-temi marine
biodiversity protoction and $u$tsinable ocean management.

THE UNDERWOOD TRU5r
Trvstèos. Annual R•port foontinued)
Two further grants. totalling £50,000, were 8W8rded to charities where the Trust has provided long-
tgm) support, continuing the trustees. commitment to organis8tion8 delivering environmentsL
protection. conservation and sust8inability initiatives.
Financial R•vlew
The totsl incomlng resourc85 forthe yearwere 212.447,47612025: £1.396.2741.
The princlp8180urce of incom8 during the year was dividends recgN8d from Taylor CLBrk Limitod
totalling £11.780,481 12025.. E734.1991. Thls included a one-oll Special dividend of £11,047.783
deci8re(J during tho year.
The Trust also received distributions from its listod imiostment portfolits of £636.14812025: £640.1851.
together with interest earned on cash deposits of £30.84712025'. £21.8901.
Inve*tm¢AI Stratsgy and Rlsk
The Trust'8 Investment objective 18 to genorato a sustainable level of incomo together with iong-terni
¢apitsl growth. whilst seeking to preseN8 the re81 value of the Tru8t'8 assets agÉin81 Intstion. This
enabLes theTrustto meet both its current and future grant-makingcommltments.
The Trust's investment portfolio is primarily inv8Sted in listed èquities and investment funds and is
managed on a dIsCre￿onary b8$is by professional investment managers. Duringthoyear, the po￿0110
was managed by Rathbones Wealth & Investment, Troy A889t Management and C8zenov¢ C8Pital.
Investment performanGe and asset attoc8tion are rewewed regularty by the trn8tses in order to
monitor performance and manage investment rls
The trustees recognise thotthe long-term sustsinabilityolthe investment portfolio m8y be affected by
8 fang8 of factors InciudSng inflation, interest rat8s, market volatility. geopolitical events 8nd wider
economic uncertainty. TheTru8t Deed @ronts thetru8teeswide investment powers, allowingassets to
be investèd across a broad range of 888et classes in order to (liver8ify risk and 8UPPOrt long-term
ieturns. Asset eL8sses may include cash, bonds. equities. privatè equity, commodities and other
investments considered appiopriat8 for the Trust.
In 8ddition to the li8ted In￿Stment portlolio. Ihe Trust continues to hold Taylor Clark Limited ordinary
'B' shares giftgd as part of Mr C CLBrk's estate on 4 May 2021. Thes8 share8 continue to provlde a
signilic8nt source of dividend income to support the Trust's charitable acifvfties. As Toylor Clar
Limited is an unquoted company. there is no active marketfor these shares.
The trustees do not currently op8r8t8 a fornial social. environmental or 8thical investment pollcy.
although thesefactors moy be considered 8s part otthe br08der inveslment review process.
R•¥er¥88 Pollcy
Under the terms of tho Tru8t Deed. thg trust885 have the power to apply both income And capltal
towards the Trust's charbtsble objectives 8nd, acGordingiy, Ihe investments ofthe Trust are treated as
expendable endowment.

THE UNDERWOOD TRUST
Tru¥toos'Annufjl Report Icontinuedj
Income allocated to the unre$trict8d income fund exceeded expenditur8 by É454.298 12025:
£622.4201. The trustees have therefore transferred thg ¥urplus pn the unrestricted income fund to the
expendable endowmentfund.
The trustees consider it appropriate th8t the Trust's funds continue to be designated as expendable
endowment in order to support the long-term sustainabS11ty of the Trust's ¢haritsble activities and
luture grant-makingcommitments.
At 5 April 2026. expendable tndowmont raseryes totslled £50.083.838 12025: £35.373.6561.
Unrestricted income funds retsined ai tho year end were £NII12025: ÉN1￿.
The trustees aim io apply 8ubstant18Lly all 8voil8bl8 incomè in support of the Tiust's choritablg
objectives, whilst retsining sufficient rese￿08 to 8UPPOrtfuture commitments and m8intain the long-
ierm tinancial slabillty of thglrust.
Futuro Pian8
The trustees. prlncipal objective is to continue rnaking grants in support of projects aligned with the
Trust's four priorityareas. whi18t maint8ining, where 8ppropTiOt8. iong-standinglunding relationship$
with existing benefieiAry organisaiions.
Slw¢tur•, Govomance. and Management
The UnderwoodTrLTrSti88n unincorporated trust. founded un¢Jera Deed of Tru8tdatgd 1 July 1973. and
had its registration with The Charity Commission for Englsnd and Wales. number 266164. 8ccepted
on 31 August 1973.Thefoundei$ of the Trustwere Robert Clark and Mary B Lciaik.
The trust deed was amended using the 8t8tutory power8 88 $8t out in thè Ch8rltle# Act 2011 and
accepted byThe Charity Commission on 3 October 2024.
The power of appointing new or èddrtion81 tiustees w88 vested in the founders during theirloint lives
and in the surwlvor duringtheir life. Thereafter. the statutory power of 8ppolnting ngwtrusteès
app￿e8. Now trustees arg found from the contacts and networks of existing trustee8. When a new
trusteejoinsthe board, theyare providedwiih a packof information includin8 a copy olth8 iru$tdeed.
the most recent accounts, minutes of Tocent trustees, meetings, and are made aware of the
informatlon and 8UPPOrtfoT trustees available on the Charity Commission web81te.
The twstg95 arg highly ex￿rIenCe¢l Individual8 and have a good und8rstsnding of is involved in
being a trustee of a charity. Where appropriate. the Trust supports thetraining oftrustee$ including,
for example. attendance at seminors orgBnised by the Tnjst's professlonal advisers and by the
Association of Chariiable Foun08tions and the Charity Finance Group.
The irustees are requirod to me*gtot ieasttwice a year,. atthese meetings the trustees agr99 the broad
strategy lor the Trust. including consider8tion of grant making, investment. reseNes. and risk
management pollcl88. The day-to-day administration is delegated to the trust manager who hBS
regular conta¢twith the trusteesfollowing her initial pro¢8ssing8nd 8ppraisalol applications.
The names ofihetrustses 8tthe date of this report Bnd throughoutthe year ale shown on page 8.
The trustees have C¢)nsidered the major risks fAc8d by the Trust And hfyve revlewed those risks and
established systoms and procedures to manage and mitigate them.

THE UNDERWOOD TRusr
Trvstè¢$' Annual Rèport (continued)
The day-to-d8y administration of thg Trust is managed by the staff of Taylor CL8rk Limit8d, undei an
agreement with the Charity Commlssion. The tee charged for this is shown in noie 5. Tho trust99$
Gon$ider this is the most cost-effective way of running the Trust, as to 88t up an independent office
and steff would ineur far hlgher costs.
Alltrustees 8fjvè thelrtime Ireety 8nd no trustee remuneration was paid in the year. Dgt8i15 of trustee
expenses and related p8rtYtran88Qt￿jnS Bre disclosed in note S and 10 respèctNely.
ReterenGe and Admlnl¥tr•tr Intormatlon
T￿$t@08
Richard Bennison FCA- Chairman
BTionyWiL80n
Rogistered Offlc•
Ground Floor
20Yorkstreet
London
W1U6PU
R•Klst•red CharityNumb•r
266164
Tru8t Manogor
Michel8JudgeACMA
Bankers
Virgin Mon8y
154- 158 Kensington H*gh &. London
W87RL
Audltor
Dawd thven&Co
17 Thè Market Place. DeMze8, Wiltshire
SN10 IHT
Investmont Man8g0r•
TroyA8set Management Ltd
33 Davies Streei, London
W1K4BP
Ralhbones We81th & Inv8strnent Management
30 Gresham Sireet. London
EC2V 7QN
Cazenove Capital
1 London Wo11 Place.
London EC2Y5AU

THE UNDERWOOD TRUST
Trust••s' Annual Report (continu8d)
Trustees, Respongibilities in Relation to th• Fin8n¢l•l Ststements
The trusie88 are re8pon8ible for preparing ihe Tru$teg5' Report and the fin8ncial stgtoments in
accordance with applicable law and r8gutstSon8.
Tha law appticable to charf(1os in England and Wales requiras the tnJ￿8es lo prep8re financial
statements for each fin8ncial year in accordancg with United Kingdom Generally Acc9Pt8d
Accounting Practice Iunited Kingdom Accounting Stand81d8 and app￿.¢able r¢gulation81. Under th8t
Law tha trustees must not opprove the fi'nancial statements unl888 they are 8ati¥fied that they give 8
true and fairviewofthe state of aff8ir8 of the charityand of the incorningwe8ourc&s 8nd opplication of
rg6ource8 of the ch#rityforth8t period.
In preparingthese lin8n¢io18tatements, the trustees are required to:
selèct 8ultable accounting policies and then applythem consi8t6nlly:
observ& the mèthods 8nd prlnclple8 In the Charitles SORP:
make judgments and accounting estim8te$ that are r8asonable and prudent;
State whether applic8bLe occounting standards h8ve been followed. Subjectto any moterial
departures disclosed and explained in thefinancial statements: and
piepare the finBncial statèrnent8 on the golng concem b8818 unle88 it is inoppropriBte to
presume that the charitywill continu8 in business.
The trustees are responsible for keeping adequate accounting records which org Sufficiont to show
ond expi8in the charty's transactions and discLosewith reason8ble accuracy gtanytimethe financial
position of the charity anij en8blg th8m to 8nsur8 that the financial statsments comply with the
Charities Act 2011. the Charities IAccounts and Rgportsl Regulations 21)08 and the provisions of thg
tru8t deed. They are oLso responsible for safaguarding th8 asset8 ol the charity and h&n¢e for taking
r8a80nable stepsforthe prevention and detection of frBud 8nd othèr irr8gulaiities.
Audltor
A re801ution to re-appolnt David Owen & Co asthe Trust's auditorwill be prop080d atthe nexttrusteos
meeting.
Approv•d bythetru¥t¢¢$ and $ign8d onthalr behalt
R Banni8on
Truitéé
19August 2026

THE UNDERWOOD TRUST
Indopondont •udltor'8 report tothgtru$to0• ofThe Underwood Trust
Opinion
We have audited the financial ststement8 of The UndeTrvood Trust Iihe'ch8rity'l for the year ended 5
April 2028 which comprise the statement of financial activitie8. the balance sheet, the statemènt of
cash flows and the notes to the financial statements. including 8 summary of signrflcant accounting
policies. Th8financial reporting frameworkthat has b99n applied in their prep8ration is applicable Law
and United Kingdom AccountingS18ndBrds, including Financi81 Reporting Stsndard 102 The Financial
R8POrting Standard applicable in the UK ond Republic ol Ireland (United Kingdom GenerallyAccepted
Accounting Pi8Cticel.
In our opinion. th8 financial st8tement8-.
give 8 tiue and f8irview of the state of the charl￿$ affairs as of 5 April 2026 8nd of its
incoming resources and 8pplic8tion of resources. forthe year then ended.
have been properly prepared in accordance with United Kingdom GenerallyAecepted
Accounting Practice: and
h8ve been prepared in occordanca withthe requirements of the Charities Act 2011.
Basis for opinion
We conducted our Éudrt In 8ccordance with International 5t8nd8rd8 on Auditing (UK) IISA8 IUKII gnd
applicablè law. Our responsibilities under those standards are ftirlher described in the Auditoffs
r8sponsibilitie8 lor ihg 8udit of the financial statemen1$ section of our report. We are independent of
the chorty in a¢cord8nce with the ethic81 requirements that are relevant to our audit of the financial
statements in the UK. ineluding the FRC'S Ethical Standard, 8nd we h8ve fulfilled our other ethlcal
rosponsibilities in ¥c¢ordance wf(h these requirement8. We believe that the audlt evidence we have
obtained is sufficient and appropriate to provide a basis forouropinion.
Conclusion¥ ro181ing to golng concern
In auditing the financial statements. we have concluded that the trustees. use of the going concem
b8sis of accounting in the preparation ofthg financial statements is appropriate.
Based on the work we have performed, we have not identlfied any mÉteri81 uncertainties relating to
events orconditionsthat, individuallyor collectively, m8yca8tsignrfic8nt doubtonthe charity's abillty
to contlnue as a going ¢on¢ern for a period of at least ￿e1Ve months trom when the finan¢l81
statements 8re authorised for i88ue.
Our responsibilit18s and the responsibil¢ties of the trustees with respect to goin8 concern are
described in the relevant sections of this report.
Other infonnatlon
The other information comprisesthe informatlon included in theannualreport, oiherthan thefinancial
statements and our auditor's report thereon. The irustees Ar8 responsible for the other information
contained within the annual report. Our opinion on the financial ststement$ does not cover the Other
inform8tion and we do not express anyfoim of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so. consider whether the other
information is materially inconsistent with thefinancial statements, orour knowledge obtairned in the
audTrt or oth8tWlSè 8ppeBrs to bè materially misstoted. If we identify such material inconsistencies ci
apparent m8teiSal misststements. we are required to determine wh8th8r there is a material
misstatement in the financial statement8 or 8 materoal misst8tement of Ihe other inform8tion. If.
based on theworkwe havo performed, we concludethat there is 8 m8teri81 misstatement of th18 Other
Information; we are required to report thattact.
We have nothingto report in this regard.
10

THE UNDERWOOD TRUST
Matt•r¥ on which wo are required to rnport by oxceptlon
We have nothlng to report in respect of the following matters in relation to which the Charities
ccounts and Reports) Regulations 200B require u$ to reportto you 51. In oui opinion:
the Inlorm8tion glven in th8 Tru8te88' Annu81 Report Is Inconsislent In any material iespgct with
the financial statemgnts. or
Sufficient gceountlng records havo not been kept- or
the financial statements are not in agreement with the accounting r8cord8' OT
we have not received all the info￿ation and explanations w8 requiro forour audit.
R•sponslbilitio• ottru8tse8
As explained more fully in thg statement ot truste88' responsibilities lon pag8 91. the trustees are
responslble for tho preparation of tho financial $tstements and for being satislied thattheygrve B true
and fair view, and for such internal control 88 the trustees deterrnine is necessary to enable the
preparation of financial statements that 8rèfreefrom material misst8temant, whother dueto fr8ud or
error.
In preparing the fin8ncialst8tements, thètrustaes are responsiblefor assesslngthecharity's abitityto
continue Bs B goingeoncern. L1isclosing. Bs applicable, matters related to going concern and usingihe
goiT)g concern basis of accounting unLe$8 th8 trustee3 either Intend to cease OPBration8, or have no
realistic altemative but to do so.
Audit￿.& rosponsibiliti08 fortho audltof thg linan¢ial •tat•menl*
We have been oppointed 8$ audftors under section 144 of the Charities Act 2011 and report in
accordance wth the Acl 8nd relevant regulations made or having effectthereunder.
Our oblectives are to obtsin rea8onabL8 Bssurance aboutbvhether thefin8ncial ststements ¥$ a whole
are free flom matsrial misststemeffl, whether due to fraud or error. 8nd to issue an auditorfs report
that in¢lud8s our opinion. Reasonable assurance is a high level ot assurance but Is not a guarantee
that an 8udit GonduGted in a¢coid8nce with IUKI will always detect a materi81 mi88tatement
when it exists. Misstatements c8n ari88 from fraud orerroi and are considered material rf. individually
or in the aggT8g8te, they could reasonably be expected to influence the economi¢ decisions of users
taken on th8 basi8 of theselinanciol3tatements.
Irregularities, including fraud. are In￿anCeS of non-complianc8 with laws and rogulations. We design
procedure3 in line with our responsibilities, outlinod abovg. to detect material misstatements in
respgct of irreguLariti&s, ineLudingfraud. The extent to which our procedures are capable of detecting
irregularities. includingfraud, is detailed ￿LOw.
A further descrlption of our 18sponsibilities for the audlt of the financial statements is located on thg
Financi81 Raporting Council'8 website 8t: http:Ilwww.Irc.org.uklauditors¥esponslbilitie¥. This
descriptionfomis part of our8uditor's ieport.
Extent towhich the audlt was considered capable of dolo¢ting Irrnrfutsrltl•$, in¢ludingfraud
We identity8nd asse8$ the fisks ol material misstaternentof ihe fin8n¢i81 statements. whotherdue to
Iraud or error. 8nd then design and perfom audit procedur83 responsive to those risks. including
obtaining audit evidence that is suflicient and appropriate to provide 8 b88iS tor our opinion.
In id8ntifyingand addfessing risks of material misstatemenl in respectol irregularities. includingfraud
and non-compliancewith Laws and regulations, our procedures included th9 following..
Wa obtalned an understanding of ia¥vs and reguLations that affect tt)e charity. focusing on
those that h8d 8 direct effect on the financial 8tatements orthat had a fundamental effect on
s operations. Key laws and regulatlons thatwe id&ntitied included th8 CharitiesAct 2011 and
applicable accounting standards.

THE UNDERWOOD TRUST
We enqulred of the trustegs and reviewed trust99 meeting minutes for evidgnce of non-
Compliance with relevani law5 and r¢gulation8. We also ievlewed controb the trustees hav
in ploce to ensure compliance.
We gained gn under3tsnding of the controls that the tntstees have in plaGe to prevent and
det6ctfraud. We enquired of the Irustee8 about any incidence8 of fraud that had 18ken place
during the accounting period.
The ri3k of fraud 8nd non-compiianee with laws and regulations and fraud was di8cu$$ed
within the audit team and tests were pionned and pertomed to address these risk8. We
identified the potential for fraud in the following area: misappiopri8tion of cash and other
assets.
We critically reviewed judgements and provisions included Iwthin the financiBI ststement8
and examined the associated cut-ofl issues.
We rovi￿￿d financial Statements di5closuros and test8d to supporting do¢um8ntation to
assess complianc6 with relevant laws and regulations discussed above.
We 8nquired of thelrusteo$ about actual and potentiallitigotton and claims.
We obtsined independentconflimatlonstromyour bank reg8rding balances attheyear-end in
addition to any outstanding charges.
We perfomed analytical proceduiesto identlty 8ny unusual of unexpected relationships that
might indicate risks of material misstatement dueto fraud.
In addressingthe risk of fraud due to m8n8gement override of Intem81 con1iolsv￿ test9d thg
appropriateness ol journal entries and assessèd whether the judgements m8de In making
accounting estimates were indicative of g potential bias.
Due to the inherènt limltation8 of an oudit, there 18 an unavoidable ri8kth8t wè may not hav8 deteGtgd
80m8 m8teri81 misstatements in the financial statements. evon though we have properly p18nned and
performed oui 8udlt in accordance with auditing standards. For example, as with any audit, there
remained a higher risk of non-detection of irregularltle8, as these may involve collusion. forgery.
inteniion8lomissions, misrepr88entaiion8. orthe override ol internalcontrols.we are not responsible
for preventing fr8ud o¥ non-compliance with Lgws and regulations and cannot be expected to detect
ollfraud and non-compllance with laws and regulations.
Other mattor
Your attentlor) 1$ drawn to the fact that the charity has prepared financi818tat8m8nts in 8ccordanc8
with °A¢¢ounting Reporting by Charitie$: Statemgnt of R8commended Practice applicable to
charities preparing their financial ststements in accordance with the Financial Reporting St8ndard
applicable In the UK and Republic of Ireland IFRS 1021 in preterence to the Accounting and Reporting
by Charities: Statement of Reeommend8d Practice issued on 1 April 2005 which18 referred to in the
extant regulations but has now been withdrswn.
This ha¥ been done in order for the financial siatement5 to provide a true and f8irview in occordanco
with current Gener811yAcceptsd Accounting Practice.
Use of our report
This reporti8 made solelytotho chan￿$trUstee8. as a body. in accordancewith part4 otthe Ch8ritie8
IAccounts and Reportsi Regulations 2008. Our 8uditwork ha8 bo8n undertaken sothaiwe might state
12

THE UNDERWOOD TRUST
to the charity's trustees those mattgrs w¢ are fequirgd tr) stBt8 to them in an audrtor3' report and for
no other Pufpose. To the fullest extent permitted by18w. we do not accept orassum8 responsibilityto
anyone other Ih8n ihe charity and the charlty's trustees as a body, for our audit Work. for this rgport,
orforthe opinions we have fomied.
David Owen & Co
Chartered Accountants
ststutoryAuditor
17The Market Place
Devizes
Wilt8hiie
SN101HT
David Owen & Co is eligibleto act asan auditor in terms ofsection 1212 of the Companies Act2006.
19 August 2026

THE UNDERWOODTRUST
Stsi*montot Flnancial Activities
Including Income and Expenditure Account
Forthe Ye¥r Endlng SApril 2026
Unrestricted Expendable
Income Endowmenr
Fund
Fund
2026
Totol
FLtnd¥
2025
Total
Funds
Nots$
Income
Investment Income
1.399,693 11,047,783 12,447.476
1,396,274
Total Incom
1.399,893 11.047.783 12.447.476
1.396.274
Expenditura
Raising Funds..
Investment Management
Costs
597
1,954
CharitsbleActivitigS:
Grant Expenditure
Grani Re18ted Support
Costs
Govemance Costs
920,000
920,000
747.Sfy)
11,496
11,496
10.009
11,945
11,946
15.748
CO￿ ot Grant Making
943.441
943,441
773.257
Total Exp•ndlture
945.395
773,854
Nol Incoma l {Expendliure)
Transfer Between Fund¥
454,298 11.047.783 11.502,081
1454.2981
454,298
622,420
11,502,081 11.502,081
622.420
Net Gain¥ l (Losses) on
Inv•stmerrtB
Unre8li8ed
Realised
1.865,682 1.865.882
1.342,419 1A42.419
331.107
3.208.101
3208,101
331.107
Not Movoment In Funds
14.710,182 14.710.182
953.527
R•con¢lllotlon of Fund$
Total Fund8 Brought FO￿ar(l
35.373.656 35,373,656
34.420.129
Total Fund8 Carrlod Forwafd
50.083,838 50.083,838
35.373,656
14

THE UNDERWOODTRUST
Statement of F5nan¢ial Actlvlties {continued)
lficludlng Income and Exp•ndlture Account
For the Year Endlng5Aprll 2026
Comparatlve Yèar Intormotlon
Y•aT End•d S Aprfl2025
UnrestriGted Expendable
Incomo Endowment
Fund
Fund
2025
Totol
Funds
Notes
Incom¢
Investmont Income
1,396.274
1.396.274
Totsllncom•
1.396.274
1.396.274
Expendiiuro
Raising Funds..
Investment Management Costs
597
597
Charit8ble Activities..
Grant Exptrnditur8
Gront Related Support Costs
Govemance Costs
747.500
10.009
15.748
747,500
10.009
15.748
Co#t of Orant Maklng
773.257
773,257
Total Exp•ndituro
773,854
TJ3.854
Nel Incomè l (Exp¢ndltur•l
Tran•f•r B•t••een Funds
622,420
{622,4201
V22.420
621420
622,420
622.420
Net Gains I IL¢Mo9) on Inw$tment8
Unreaiised
Re8tised
331.107
331.107
331.107
331,107
N•t Mov•ment in Fund¥
953,527
9S3.527
Recon¢illatlon of Fund8
Total Funds Brought Forwarij
34.420,129 34,420,129
Total Funds Carrlad Forward
35,373,656 35,373,656
15

THE UNDERWOODTRUST
Baiane• Sheot
As of SApril 2026
Unrestricted
Income
Fun(J
Expondable
Endowment
Fund
2026
Total
Fund8
2025
Total
Funds
Notes
Flx•d Assets
Unlisted Investments
Listed Investments
16,316.655
21,136,669
16.316.655
21,136,669
16,316.655
18,012,657
Total Flxed Asset•
37.453.324
37.463,324
34.329,312
Curront •$sots
Debtors
Cash
732
7,317
11.047.783
1,S82.731
11.048.515
1,590,048
1,451
1.050,048
Totsl currant
assets
1.051.499
8.049
12.630.514
11638,583
Llabllltl08
Creditors: omounts
falllro due withln one
18.0491
18,0491
17.1551
Mgt Current Assats
12.630,514
1Z830,S14
1,044,344
Total Asset8 Legs
Current Liabllitoes
50.083.838
$0,083,838
35.373.656
Cr8ditor8: gmounts
falli￿ due after one
ye8r
NotA￿•t¥
50,083.83B
50.083.838
35.373.656
Tho Funds ofth•
Charlty
Expendabl8
Endowment Fund
Unrestricted Income
Fun(1
50,083.838
60,083,838
35.373.656
Total Charity Funds
50.083,838
50.063.838
35,373,656
The notss at pages 18 to 25 form partof these 8¢¢0unts.
Approved by the trustees on 19Augu6t 2026 Ind sign8d on their behalf by:
ennison
16

THE UNDERWOODTRUST
Stat•ment of Cash Flows
A$ of 5Aprll 2026
2026
Total
Fund•
2025
Tot81
Funds
Notes
¢a$h Flows from OporatlngActlvltl•s
Net Cosh used in Oper8tingActivitigs
(943,782)
11.524,84n
Cash FIOWB from Inv•¥llngAdlvltl••
Intor8st and Drvidends
Proc8eds from Sale of Investments
Purchase of Investments
EqualisBtion on Investments
1.399,893
10,084.089
(10.000,0001
1.396.274
1332)
Ngt Cash Generated by In￿stIngACt1VIt18S
1A83,782
1.395.942
Cash Flow¥ Irom Fln•n¢lngActl¥llle3
Net Cash Provided by FinancingActivities
Net Increase l (D•cr•a8e) In Cash and CaBh
Equfvalent•
540,000
I128,￿5)
Cash and Cash Equivalents Brought Forward
1.050.048
1.178,953
Cash and Cash Equiv8l•nts Carrl•d Forward
1,590.048
1.050.048
17

THE UNDERWOOD TRUST
Notes to tho Flnanclal Statement8
Fortho Ye*r Endod 5 April2026
Acc¢untlng PoUcle8
Charlty Information
The Underwood Trust Is an unincorporated trust, founded under a Deed of Trust dated 1 July
1973, and had its registrotion with The Charity Commission for England 8nd Wales, number
266164, accepted on 31 August 1973.
Thetrust degd was oménded using the stalutory powgr8 as setout in thg Charities Act2011
and 8CC8Pted byThe Charty Commi8sN)n on 3 Octobor 2024.
Ba•ls of ProPaTOtion and GolngCon¢om
The financial statgments have been prepared under the historical cost convention, as
modified by tho revaluation of fixed asset investments, in accordance with the Charilies
Act 2011 and"AcGounting and Reporting bycharities.. Statement of Recommended Practice
applicable to charitie8 preparing their accounts in accordancg with th& Financial R8POrting
Standard applicable in the UK and Republic of Iroland IFRS 10211offective 1 January 20191°.
The flnanclal Statements have departed trom the Charities (Accounts and Reports)
Regulations 2008 only to the extent required to provide a t¥ue and fair Mew. This departure
has involved following the Statement of Recommended Practice for charities applying FRS
102 rathgrthan the version of the Statement of Recomm8nd8d Practice which is refèrled to
in the Regulations. butwhich has since been withdrawn.
Thetnist constrtutes B pubtic benellt entity 98 defined by FRS 102.
At the time of approving thg accounts. the trustee9 have a reasonable expectation that thè
charity has odequate resources lo continue in operation81 existence fof the forese8ab18
future. Thus, Ihe trustees continue to adopt the going concern basis of accounting i
prgparingthe accounts.
With respecttothe next reporting period, the mostsignrficant ar8a8 of uncertaintythat affect
the carrying value of assets held ty the Twst ar8 the level of investment return and th8
perfomiance of investmont markets (see the investment strategy and risk section in the
trustees. gnnugl report for rnoTe information).
Fund Accounting
The Unrestricted Income Fund can be spent on any PUTpo$e within the Trust's obj8Ctive8 at
the di5¢retion otthe tnJ8tees.
The Expendable Endowment Fund 18 primarilyfor incomegeneraiion but is expendableatthe
trustees. discretion. Durin8theyear, a tran5fei of £454.2981202S: £622,420}w88 madefrom
the unrestricted income fund to the expendable endowmentfund.
Income Recognition
All income is recognised once the charity has entitiament to the income. it is probable that
the Income will be received, and the amountof income receivablo can be measured r8liably.
Dwidends from investments are recognised 8t their ie¢ord dÈte.

THE UNDERWOOD TRUST
Notes to the Financial Siatomonls
For tho Year Ended S Aprll2026
Legacy glfts are r8cognised on a case-by-case basis lollowing the Eranting of probate when
the administrBtorlexecutor for the estate h88 communicated in wrr(ing the gmount for
distribution aftertaking into consideration of any liabilltle8 8nd settlement date and, if there
are any conditions attache(I to tho l$g8Cy, these are eitherwithin the controlof the charityor
have been met. In the event that the gift is in the form of an asset othgr than cg$h, or
fin8ncial assettraded on a recognised stock exchange. recognition is subjectto ihe vBlue of
the gift being r&li8bly m88surabl8 with a degree of sufficient accuracy and the fjtle io Ihe
a58et having been transferred to the charity.
Expendlture Recognttlon
Liabilities are recognised as expendilur8 88 soon as there is a ieg81or con8tru¢tive obiig8tlon
Committing the charity to that expenditure. it is probable that settlemont will be roquired,
and the amount of the obligation can be m98sur8d reliably.
Ali expenditUTe is accounted for on an accruals basis incluswe of any VAT which cannot be
recovered. All expenses including support COSts and governance cosi8 are allocated or
apportioned to the app￿¢&bEe expenditurg he8dings.
Support costs are allocated to the activities either by direct attribution or an estimate of
relalive time involved. The majority of costs support thg grant making actNity and are so
811ocated.
Governance cost$ comprise all costs involved in the publi¢ accountabiltty ol the charity ond
its compli8nce with reguletion 8nd good practice. Th8s8 costs include costs relating to
3tgtutory8udit, and legal fees together wlth an 811ocation of 8UPPOrt costs.
The ollocation of govem8nce and 8upport costs is 8nalysed in note 5.
P&y8bL8 8re payments made to thlrtj partles in the furtherance of tho Gharitabie
objectives of the Trust. In the c8se of an uncon(Jition81 gr8rit offerthi8 is 8ccrued once the
recipient has been notified of the grant award. The notrfication gives th8 recipient 8
reasonable expectation th81 Iheywill receive thg onwoai or multl-y8ar grant. Gront awards
thÈt Ére sublectto the reclpientfulfllllng performance conditlons are only8ccrued when the
Tecipient h88 been notified of the grant and any remaining unfulfilled condition attaching to
that grant is outside of the control of the Trust.
The Costs of raisingfund8 con8i8t of inve8tment management fges.
Fixed ASS￿ Invathont8
Quotod investments are initially measured at their transaction value and subsequently
measured ot their fair value as gt the bBLance sheel date using the closing quoted market
price. All gains and Ios8es. both realised and unrealised, are taken to the Statement of
FinancialActivities as they8ri88.
Unlisted investments ore initiolly measur9d at costand subsequently measure(J atco8t1¥8S
anyoccumulaled imp8imient108ses. The investments are assessed for impaiment at 98ch
reportingdate, and 8ny imp8irm8nt108$8s or rèversBLs of impBirment losses are recognised
immediately in net incomellexpenditurel for the year.
19

THE UNDERWOODTRUST
Note8 lo the Fin8nela( Statements
Forthe Year Endgd 5 April 2026
Debtor8 and Crodbtor8
Short tsrm debwfs are mgasured at transaction price. less any impairment. Short tem
Cfaditors are measured at the transaction prlce. net of transaction costs. Subsequent to
inTrtial recognifion iheyare me8sureQ at amortised cost usingthe effective interest method.
less any impairment loss8s in tho caso of trade debtors. If the 8rrangement constitut08 9
financing trans8Ctlon, for example if payment is deferr8d beyond normal business terms.
then it 18 measured 8t the present value of future payments discounted at a markgt rate of
int&rest for a simil¢r debt instrument.
Contlngont Uabllltlo8
A contingent liability is identified and disclosed for tho¥e gr8ffl8 r88ulting from:
8 pos8lbl8 obligatlon whichwillonly beconfirmed bythe occurrencg of oneormore
uncertain future events notwholly wlthin the trustees. control- or
8 present Obli￿tIOn lollowing a grant offer where settlement is either not
considered probable., or
Ihe amount has not b8&n communicated in the grant offerand that gmount C8nnot
be estimated reliably
Tbxatlon
The Trust is a registered charity and 8¢¢ordingly 13 exempt from taxation on its income 8nd
gain8 where they8re applied for Charitable purpos93.
1.9 A¢¢ountlng E¥timat•¥ and Judzements
In the 8pplication of the Trust's accountlng policies. the trustee8 are required to m8ke
judgements, estimates and assumptions about the carrying amount of assets and liabilitie8
that are not re8dily apparent from oth&r sources. The estimates and associated
assumptions 8re basod on historiGal experience and other factors th818r8 considered to be
relavant. Actu81 results may diflerftom these estimates.
The e¥timates and undertying assumptions 8re reviewed on an ongoing basis. Revisions to
accounting estimatas are recognised in the period inwhich the estimate is r8vised wher8 the
revision affects onlythat period, or in the period of the revSsion and future periods wherethe
revision affects both current Ènd future periods.
Key $0ur¢as of estlmatlon un¢•rtolnty
The estimaies and assumptions which have a significant risk of c8u$inga material
adjustmèntiothe carrying amount of asseis are as follows:
Impairrn•nt oe unustsd Investmant•
The trustees. estim8te of impairment is bosgd upon updated share valuation calculations,
using reports piowded byTaylor Clark Limited, and the trust888' ownjudgemenl.
20

THE UNDERWOODTRUST
Note5 ttrtho Flnonclal St8tèmants
Forthe Yeaw Endod SAprll 2026
Incoming R••ou*ees
2026
2025
Investment income
Unlisted investments IUKI
Listed inve8tm¢nts
Olher inteost
11,780.481
636,148
30,847
734,199
640,185
21.890
12,447,476
1,396,274
Grant Exyndituro
2026
2025
Grants payable brought foThiBrd
Grants paid during theyear
Grants payable carried forwar
1750.0001
1.497,500
920.000
Crantexpenditure duringthe year
920,000
747,500
Modl¢in¢ and Health
Bristol Speech and Language Therapy Unit
STAMMA (The Briiish Stamm8ringA$sociaiionl
Medicinema
Llving Painiings
Julia's House
Jame$. Piaeè Charity
150,000
45,000
25,000
25,000
25,000
25,000
295,000
270,000
Educatlon and The Arts
Farms for City Children
The Access Project
St8ge One
Music foryouth
pim￿¢0 Opera
45.000
40,000
25.000
26.000
15.000
1SO.000
137,500
21

THE UNDERWOODTRUST
Not•* to tho Fin•nelal Statements
For the Year Ended 5 Aprll 2026
Gra￿ Éxpenditure (continued)
2026
2025
So¢ialW•lf8re
Community First IYAWI
Empiro Fightingchance
NSPCC
Hartcliffe Clty Farm
Windmill Hill City Farm
Societywithout Abuse
Missing People
Brrtish Red Cro38- UK Cri818 Response
Mikeystine
St Martin-in-the-Fi8lds- Christmas Appeal
25,01)0
25,000
25.1)00
20.000
225.000
315,000
Tha Envlronm8nt and Wlldlll•
Greenpeace {30x30 Promise to Protection)
The Brooke
Animal Free Research
200.000
25.000
25,000
250,000
25,000
Total Grantg Exp•ndilur8
920,000
747,500
Grant Commltments
In Èddltion io ihe grant expenditure iecognised during the year, the twstees had authorised
certain grants atthe year endvthich remained subject to specrfied conditions b8ingsatisfied
by the recipients. Accordlngly, these commitmonts have not bèan accrued within the
financial statements.
The total amount 8Uthorised but not accrued at 5 April 2026 was £1.700.000 12025:
21,050.0001.
A commitment of £1.500.000 over fNe ye8r8 was comrnunicated io BristoL Speech and
Language Therapy Research Unit during the year eftded S April 2022. with funding
commencing in October 2022. At 5 April 2026. £900.000 ol this commitment remained
outstanding and subjectto the relevant funding condf(ions being sati8fied.
A commitment of É1.(KIO.000 over five year8 W8s communicate¢J to Grè&npeace
EnvironmentalTru8tduTingtheyearend8d SApri12026, with fundingcommencingin January
2026. AtSApril 2026, £800,000 of this commltment remained outstandingand 8ubjactto the
relevantfunding conditions beingsatisfied.
22

THE UNDERWOOD TRUST
Noleg to the Flnancial Ststomgnts
For the Year Ended 5 April 2026
Aliocatlon of Support #nd Goveynance Costs
Basis of
opportion-
ment
Grant
makrng Govemanc8
2026
Total
2025
Total
Management fee
Subscliptions
Auditors. remuneration
Prof8ssionBlfe8s
Web 8it8 costs
Sundries
Work done
Actual
Actual
Actual
AetU81
Actual
9.405
455
3.135 12,540
152
607
8.360
8,360
12.000
392
7,000
5,400
860
105
655
981
218
873
1,061
Total
11.496
11,945 23841
25,757
TranJtsr
A tronsf8r of £454.29812025- £622.420}w8s m8defrom the unrestricted income fund to the
expendable endowmenttund.
Fix•d Aisat Inv•$tm•nt$
Listed
investments
Unlisted
invaslments
Totsl
Fairvalue or cost at 6 April
2025
A(Jditions at cost
Disposals at carrying v81ue
Net unrealised g8ins I1108s&sI
18,012.657
16.316.655
34329.312
10,000.000
8,741.6701
1,865,682
10.000,000
18.741.670)
1,86S,682
At S April 2026
21.136,669
16.316,665
37A63.324
Net cash released ftom investm8nts in th8 year was £84.089 12025- £Nil released ftom
investments).
Unrealised investment gains I Ilossesl represent th8 difference betsveen the fair value of th6
investments at the beginning and end of the year adjuating for investmeni iransactions during
the year.
The LFnli8ted investment Is the holding of 2.545,500 Taylor Clark Limlted B ordinary 10p shares
12025: 2,545.500 B ordlnary 10p sharesl. The investment is held 8t cost 8nd reviow8d 8nnuBIIy
for impairment.
23

THE UNDERWOODTRUST
Not•8 to thè Fin8ncial Statement8
For the Year Endod 5Aprll 2026
Debtors
2026
2025
Prèpayments
Accrued interest
Taylor Clark Limited-special Dividend
S05
227
11,047,783
163
1.288
11,048,515
1.451
Credltor$: 8mountsf811ingdue wlthln oneye8r
2028
2025
Accruals
7.155
7,155
10 R•l¥t•d PartyTTansaclion•
At 5 April 2026 Ihg charity owned 2.545,50012025= 2.545.500) ordinary B shares of 10p each
repre8enting40.8%12025'. 40.8%) of the 8 shares in issue and 36.5%12025: 36.5%} ofthetotsl
$hores in188ue of Taylor Clark Limited.
Duringthe ye8r, the Trust Tecognised dividend income of £11.780,48112025-. £734.1991 from
Taylor Ciork Limited. Of this amount. £11,047.783 had been declared but not received at the
year end.
Taylor Clark Limliei1 provided office accommod8tion ond administrat￿ support seNce8 to
th8 Trustduringthe year. Management faes of £12.5401202S.' £12.0001, inclusive ofVAT, we
paid by the Tiust in respect ot these setvices. There was no balance outstgnding 8t the year
end1202S.' £nlll.
The table belowsets outthg staff costs included withinthe man8gementfee eharged byTaylor
Clark Limited:
Staff Costs
2028
Total
2025
Total
Wè#e$ and 88iarigs
Soci81 security costs
Employ8rs' contributions to defined contribution pension Scheme
Other employee benefits
7,000
6,800
938
1.870
134
1,925
10,062
9,742

THE UNDERWOOD TRUST
Noto$ to the Fin•n¢i•l Stot¢m•nts
For the yearended S April 2028
10 Roiated PartyTran8a￿lQn¥ Icontinuedj
Brionywilson is a shoreholder in Taylor Cl8rk Limited.
Rich8rd B9nnison and Brionywilson are dir¢rtors of TayLorCLark knmited.
No trustee received any iemuner8tion durlng the year (2025". £nil)- No trustee re¢eived any
r8imburs8ment of expenses.
1 l Reconclllatlon of N•t M0￿mOTh1 In Fund¥to N•t Cash Fiowffom OporatiniA¢tlvltlo8
2026
2025
Net movement in funds
Deduct interest income
Daduct dlvidends and interest from
Investments
Deduct (gains) l add bBck losses on
unrealis8d investments
(Gains) I losses realised on salg of
investments
Decrease I lincreasel in debtors
Increase I Ide¢r83$01 in cr8ditor8
14.710,182
{30.847)
953.527
121.8901
(1.368,846)
11.374.384)
{1.865.6821
(331.1071
(1,342.4191
111.047,0841
694
11.1291
1749,8641
N8t Cash us￿ in OporaiingA¢livifj&8
(943,782)
11,524,847)
Included within debtors at 5April 2026 isa specièldNidend receivable of £11,047,783 Oec18red
priorto th8ye8r end and rocognised as income within the Statement of Financial Activities but
received aftèT the year end. This timingdiffer8nc8 materfally Impacted operating cash fLow8 at
the b81once Sheet dote.
25